Question: Presented here are summarized data from the balance sheets and income statements of Wiper Incorporated: WIPER INCORPORATED Condensed Balance Sheets December 31, 2023, 2022, 2021
Presented here are summarized data from the balance sheets and income statements of Wiper Incorporated:
| WIPER INCORPORATED | |||
|---|---|---|---|
| Condensed Balance Sheets | |||
| December 31, 2023, 2022, 2021 | |||
| (in millions) | |||
| 2023 | 2022 | 2021 | |
| Current assets | $ 734 | $ 959 | $ 813 |
| Other assets | 2,421 | 1,928 | 1,727 |
| Total assets | $ 3,155 | $ 2,887 | $ 2,540 |
| Current liabilities | $ 585 | $ 838 | $ 731 |
| Long-term liabilities | 1,555 | 1,015 | 883 |
| Stockholders equity | 1,015 | 1,034 | 926 |
| Total liabilities and stockholders' equity | $ 3,155 | $ 2,887 | $ 2,540 |
| WIPER INCORPORATED | ||
|---|---|---|
| Selected Income Statement and Other Data | ||
| For the Years Ended December 31, 2023 and 2022 | ||
| (in millions) | ||
| 2023 | 2022 | |
| Income statement data: | ||
| Sales | $ 3,058 | $ 2,921 |
| Operating income | 304 | 318 |
| Interest expense | 92 | 73 |
| Net income | 215 | 210 |
| Other data: | ||
| Average number of common shares outstanding | 42.1 | 47.5 |
| Total dividends paid | $ 58.0 | $ 53.1 |
I.Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2023 and 2022.
Note: Round "Debt ratio" to 1 decimal place (i.e., 0.123 should be entered as 12.3) and "Debt/equity ratio" to the nearest whole percent (i.e., 012 should be entered as 12).
J.Calculate the times interest earned ratio for 2023 and 2022.
Note: Round your answers to 1 decimal place.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
